MLS listed mid-sized apartments - getting the financials, etc.

[Joe G Rampy]

New to RE investment. Focusing on syndicating 20 units or larger apartment buildings. Trying to build network of brokers with knowledge of off market apartments. Loopnet is a vast wasteland in this market (Montana / Wyoming) so I'm looking on MLS until I start finding off market deals.

I'm finding properties that "might" have possibilities. Some listings have been on the market for well over a year and the listing brokers are acting stunned when I ask for financials, rent rolls, vacancies, etc. The obvious question is, "how do these people expect to make sales without being professional?" Prepared to present the property? Do the owners of these buildings think that someone is just going to show up and write a check for the asking price? Without having a clue as to whether the building is an investment or not?

Is there a best way of dealing with these 'teaching moments on two legs'?

Thanks for allowing me a little rant. It's been a frustrating few days. If this is the worst, I'm good. But, Damn!

[Shelli Callan]

I have found this backwards also.  Many of our listings, say right in them, "financials available with an accepted offer".  This makes no sense to me.   I guess they are expecting a solid offer and then once you get a chance to really look at a place and really run the numbers then you give them a reasonable offer.  In some ways single family homes are like that in that we make an offer based upon what we can see, have an inspection done and then we renegotiate.  I prefer not play with sellers and really only enter into a contract if I am serious about it.  I also for my sellers suggest an inspection before you sell so that there is no, renegotiation after the accepted offer.   Some may see it as backwards, I see it as smart.  In the end I guess we will see which way is more profitable?